UXCO Group acquires student scheme in France

UXCO Group is continuing to pursue its strong growth with a fifth acquisition in Chambéry as 2023 draws to a close.

The Reěsidence Chambeěry will be UXCO Group's fifth acquisition in France | PBSA News
The Reěsidence Chambeěry will be UXCO Group's fifth acquisition in France.

Investor, developer and student and co-living operator UXCO Group has announced the acquisition of a new UXCO Student residence in Chambéry in France. The acquisition enables the provider, which is majority-owned by Brookfield, to end the year on a high with over €200m invested in 2023 for five new acquisitions.

Situated nearby Chambéry’s historic centre, the future UXCO Student residence will be part of the brand-new La Cassine district, designed by the regional development agency.

Focused on the transformation of a former industrial plant, the new scheme is aimed at offering a completely redesigned gateway to the city that is close to the main train station, with ideal public transport to the city’s university. The new residence also aims to help the region’s major housing challenges.

The future UXCO Student residence in Chambéry will reinforce the group’s portfolio of residences in the Auvergne-Rhône-Alpes region. It will deliver 124 beds over a 2,647 m2 total area on seven floors in a mix of studios to four-bedroom apartments. Residents will also benefit from over 500 m2 of residential amenity space, including a gym, cinema, gaming room, co-working areas, terraces and a rooftop patio. Thanks to a geothermal heat system and photovoltaic panels, this scheme will also deliver excellent energy performance.

“After the opening of our new UXCO Student residence in Annemasse more than 15 years ago and the launch in November of the construction on the future ECLA Archamps-Genève co-living residence developed by Océanis Promotion, the group’s development arm, this latest operation reinforces our offering, helping to make the region housing offer more dynamic and meet student housing needs in the area.

“This project also confirms our ambition of deploying our two brands – ECLA for premium XXL co-living, and UXCO Student for purpose-built student accommodation (PBSA) across France. We’re proud to be developing our portfolio of assets in this region and pursuing our ambitious growth plan, reinforcing our position as market leader and preferred partner of local authorities.”

Maël Aoustin, Group CEO and President, the UXCO Group Management Board

UXCO Group is mobilising its expertise in investment, asset management and student housing management, partnering with Édouard Denis Promotion (Nexity Group) to carry out the project. This fifth acquisition for UXCO Group in 2023, after Toulouse and Saint-Étienne for its UXCO Student brand; Bordeaux, and Archamps in the Geneva region for its ECLA concept, represents a total of 2,000 beds.

This investment activity adds to the 2,000 beds delivered in 2023 through six new residences, bringing the total beds of the group to over 14,000 in 75 residences for students and young professionals in France. For this development, UXCO Group was advised by notary office Noter and legal firm Fairway on the legal aspects of the financing.

The project is financed by CACIB on the advice of notary Cheuvreux and legal firm Dechert.